Blackstone Real Estate Income Trust and VICI Properties Inc announce a definitive agreement in which VICI will acquire BREIT's 49,9%
Blackstone Real Estate Income Trust, Inc. and VICI Properties Inc.
announced jointly today that they have entered into a definitive agreement in which VICI, will acquire BREIT's 49,9% interest in the joint venture for cash consideration of approximately $ 1.27 billion and VICI's assumption of BREIT's pro-rata share of the existing property-level debt.
The property-level debt has a principal balance of $3 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030.
The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resort International. The lease will generate annual rent of approximately $310 million upon the commencement of the next rental escalation on March 1, 2023.
Jon Gray, President and Chief Operating Officer of Blackstone, said: "VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have deliverd such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone".
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